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Australia Tire Market Forecast & Opportunities, 2021

LONDON, Nov. 14, 2016 /PRNewswire/ -- Increasing industrialization, expanding automobile fleet size, growing presence of online sales channels and shortening replacement period of tires are few of the major factors driving sales of tires in Australia. The country has no domestic tire manufacturing facility, and consequently, tire market in Australia is dependent on imports from China, Thailand, Japan and other Asian countries. Over the next years, tire demand in the country is forecast to majorly emanate from the replacement segment as various major passenger car manufacturers such as Ford, Toyota and Holden have announced to shut down vehicle production in Australia by 2017 on account of high import duties and various other economic factors.

According to TechSci Research report "Australia Tire Market Forecast & Opportunities, 2021", Australia tire market is projected to surpass US$3.9 billion by 2021, on account of increasing sales of vehicles, rising urbanization and rapid infrastructure developments. In 2015, passenger car tire segment dominated Australia tire market, followed by light commercial vehicle and medium & heavy commercial vehicle tire segments. Despite the decline in production of passenger cars in the country, passenger car tires are forecast to continue dominating Australia tire market during the forecast period, owing to huge passenger car fleet size. Bridgestone, Goodyear-Dunlop and Yokohama are few of the leading tire companies operating in Australia. These companies are anticipated to continue dominating the market through the forecast period, on account of brand acceptance among consumer and strong dealership network of these companies. "Australia Tire Market Forecast & Opportunities, 2021" report elaborates following aspects of tire market in Australia: